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Cost Reduction Checklist - 129 Simple Ways to Economize

It's impossible to save your way to prosperity. It's dangerous to even try since it creates an atmosphere of scarcity. Instead of looking for opportunity, you start defending against loss, practically guaranteeing it.

Nevertheless, when your costs rise and your customers act frightened, it's not bad to patch a few profit leaks. In truth, you should patch profit leaks in good times as well as bad. It's like weeding your garden. It requires constant attention.

Just make sure you don't cut back on the fertilizer. Don't cut your marketing. Don't cut your sales force. Don't cut your money makers. In fact, when sales are hard to find, you should invest more in finding sales.

With the help of Service Roundtable members, this checklist of 129 simple ways contractors can boost the bottom line without changing the top line was prepared. Some you already do. Some may not apply. Yet others will.

Some of the suggestions hold the potential for significant savings, while the savings from others are minor. Yet, while some may not account for much in isolation, the cumulative impact can be significant.

Review the suggestions listed here. Choose those you want to implement. Then, assign someone with the task of implementation. Do not assign anyone more than one task at a time. Pick the most important and assign it. Once it's complete, assign the next task.

The practices outlined here are wise to follow in good times or bad. Yet, it sometimes takes a challenging economic environment to spur action in these areas.

If economic circumstance is prompting you to act, be sure that you make reasoned cost reductions. Never cut in a panic. If your business is off due to a sluggish economy, it's important to remain calm. Though sales may be temporarily off the normal pace, you can recover. If, however, you take a slash and burn approach you are likely cause damage that will take years to repair. Act rationally and strategically.

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